收购发盘

Their participation enables otherwise impossible take atteempts to become successful; The involvement of the arbitrager explains very well the widely observed stock market movement during the process of the takeover, including the dramatic rise in share price and in transaction volume. It predicts that in most case, a high transaction volume is associated with a high success rate, as well as with a high post-announcement trading price. Also, the higher the bidding price, the higher the success rate and the bigger the jump in share price; The existence of the arbitrager implies that in the tender offer, the shareholder can always expect to get a fixed portion of the total value improvement by the raider. This surprisingly simple division rule of the takeover surplus may have great implications for related empirical research and indicates that the market for corporate control may be efficient.

其次，我们构建了一个股权收购模型，研究套利者在接管过程中的重要作用，并论证了：套利者在公司接管过程中能发挥重要作用，他们的参与能设法使其他方面不可能的接管变得成功；套利者的卷入很好地解释了在接管过程中广泛观察到的股市活动，包括股价和交易量的暴涨，并指出了在大多数情况下，更高的交易量导致更高的接管成功率和接管宣告后更高的交易价，同样，更高的竞价必然导致更高的接管成功率和更大的股价涨幅；套利者的存在指出了在发盘收购中，股东总是期望从袭击者带来的价值增加总量中获得一个固定部分，接管盈余的划分规则对相关经验研究有很大的关系，指出公司控制权市场是有效的。

Singer Leona Lewis and former Led Zeppelin guitarist Jimmy Page emerged as the bus transformed into a grass-covered carnival float, and the pair combined for a rendition of "Whole Lotta Love".

歌手leona刘易斯和前率领的飞艇的吉他手吉米页出现巴士转化为基层所涵盖的嘉年华花车，和一双合并为一移交&整个lotta爱&。

This is Kate, and that's Erin.

这是凯特，那个是爱朗。